In a newly published special study on NAHB's HousingEconomics.com website, our economists take a close look at key findings from a recently completed, comprehensive association survey called "What Home Buyers Really Want." Below are some important highlights of what they found.
- Just over half of all home buyers surveyed said they would like to buy a brand new home --28% directly from a builder and 27% custom built on their own land -- while 45% say an existing home is their first preference.
- Buyers expect to pay about $203,900 for their next home.
- Buyers want a home with a median of 2,226 square feet, which is about 17% larger than what they have now.
- Approximately 25% of buyers say the size of the lot is not important when choosing a home.
- Almost half (47%) want three bedrooms, while 32% want four bedrooms. Most (65%) prefer either 2 or 2.5 bathrooms.
- Most (57%) prefer a single-story home; 31% prefer two stories.
- A full or partial basement is something that 66% of buyers say they want.
- About half (48%) of buyers who want a 2-story home want the master bedroom on the second floor, while 70% prefer to have the washer and dryer on the first floor.
- Most buyers want a 2-car garage (53%), while 1 out of 5 buyers wants a 3+ car garage.
- For 65% of buyers, the most influential characteristic when buying a home is "living space and number of rooms that meet their needs."
To read the entire report on the study at HousingEconomics.com, click here.